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FTAI INFRASTRUCTURE INC Financials

FIP
FY2025 annual
Revenue $502.5M +51.6% YoY
Net Income -$152.1M +42.9% YoY
EPS (Diluted) -$2.26 +16.9% YoY
Free Cash Flow -$398.5M -320.3% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

FTAI INFRASTRUCTURE INC (FIP) reported $502.5M in revenue for fiscal year 2025, up 51.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FIP FY2025

Debt-funded asset expansion is lifting revenue, but cash generation still lags the capital structure required to carry it.

FY2025 paired higher revenue and a smaller net loss than FY2024 with much worse cash conversion: free cash flow fell to -$398.5M and operating cash flow to -$118.0M. That gap was covered by $1.4B of financing inflow, which means the enlarged asset base is not yet self-funding and that better accounting results did not translate into internally generated expansion capital.

This is an asset-heavy model: FY2025 carried $5.7B of assets against $502.5M of revenue, so the core economic test is whether those long-lived assets can eventually throw off enough cash after upkeep and financing costs. That makes this less a simple sales-growth story than a return-on-assets story.

Leverage is now doing most of the balance-sheet work. Long-term debt reached $3.7B while equity shrank to $21.3M, leaving shareholder capital as a very thin cushion. That is why ROE printed at -713.1%; ROA at -2.7% is the cleaner gauge of how the assets themselves are performing.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 26 / 100
Financial Health Score 26/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of FTAI INFRASTRUCTURE INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Not available for FTAI INFRASTRUCTURE INC, and counted as zero in the overall score.

Growth
86

FTAI INFRASTRUCTURE INC's revenue surged 51.6% year-over-year to $502.5M, reflecting rapid business expansion. This strong growth earns a score of 86/100.

Leverage
33

FTAI INFRASTRUCTURE INC has a moderate D/E ratio of 173.92. This balance of debt and equity financing earns a leverage score of 33/100.

Liquidity
28

FTAI INFRASTRUCTURE INC's current ratio of 1.18 is below the typical benchmark, resulting in a score of 28/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
8

FTAI INFRASTRUCTURE INC's operations used $118.0M of cash, and capex of $280.5M added to the outflow, for a free cash flow shortfall of $398.5M. This results in a cash flow score of 8/100.

Returns
0

Not available for FTAI INFRASTRUCTURE INC, and counted as zero in the overall score.

Piotroski F-Score Partial
4/8

FTAI INFRASTRUCTURE INC passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing
N/A

FTAI INFRASTRUCTURE INC reported a net loss of $152.1M while operations used $118.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue
$502.5M
YoY+51.6%
5Y CAGR+48.9%

FTAI INFRASTRUCTURE INC generated $502.5M in revenue in fiscal year 2025. This represents an increase of 51.6% from the prior year.

Net Income
-$152.1M
YoY+42.9%

FTAI INFRASTRUCTURE INC reported -$152.1M in net income in fiscal year 2025. This represents an increase of 42.9% from the prior year.

EPS (Diluted)
-$2.26
YoY+16.9%

FTAI INFRASTRUCTURE INC earned -$2.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 16.9% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$398.5M
YoY-320.3%

FTAI INFRASTRUCTURE INC recorded an outflow of $398.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 320.3% from the prior year.

Cash & Debt
$57.4M
YoY+106.4%
5Y CAGR+29.6%

FTAI INFRASTRUCTURE INC held $57.4M in cash against $3.7B in long-term debt as of fiscal year 2025.

Shares Outstanding
116M
YoY+2.1%

FTAI INFRASTRUCTURE INC had 116M shares outstanding in fiscal year 2025. This represents an increase of 2.1% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin
-30.3%
YoY+50.0pp

FTAI INFRASTRUCTURE INC's net profit margin was -30.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 50.0 percentage points from the prior year.

Return on Equity
-713.1%
YoY-581.8pp
5Y CAGR-705.7pp

FTAI INFRASTRUCTURE INC's ROE was -713.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 581.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures
$280.5M
YoY+252.7%
5Y CAGR+2.5%

FTAI INFRASTRUCTURE INC invested $280.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 252.7% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

FIP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FIP annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19
Revenue$659.2M$502.5M+51.6%$331.5M+3.4%$320.5M+22.3%$262.0M+117.9%$120.2M+75.3%$68.6M-70.1%$229.5M
SG&A Expenses$14.5M$16.2M+9.6%$14.8M+15.3%$12.8M+17.8%$10.9M+24.7%$8.7M+2.5%$8.5M+14.1%$7.5M
Interest Expense$351.6M$265.9M+117.8%$122.1M+22.6%$99.6M+87.1%$53.2M+232.3%$16.0M+48.8%$10.8M-39.9%$17.9M
Income Tax$29.2M-$3.3M-200.2%$3.3M+34.1%$2.5M-44.7%$4.5M+223.1%-$3.6M-83.0%-$2.0M-113.8%$14.4M
Net Income-$468.9M-$152.1M+42.9%-$266.1M-66.6%-$159.8M+14.8%-$187.5M-76.3%-$106.3M-48.3%-$71.7M-543.9%-$11.1M
EPS (Diluted)-$2.26+16.9%-$2.72-52.0%-$1.79-3.5%-$1.73-116.2%-$0.80-42.9%-$0.56N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FIP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FIP annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19
Total Assets$5.7B+142.1%$2.4B-0.2%$2.4B-4.0%$2.5B0.0%$2.5B+77.2%$1.4BN/A
Current Assets$484.0M+120.2%$219.9M+18.5%$185.5M-33.2%$277.8M0.0%$277.8M+228.7%$84.5MN/A
Cash & Equivalents$57.4M+106.4%$27.8M-5.4%$29.4M-19.5%$36.5M-26.8%$49.9M+217.5%$15.7M-6.9%$16.9M
Accounts Receivable$95.4M+80.0%$53.0M-5.4%$56.0M-7.9%$60.8M+20.9%$50.3MN/AN/A
Goodwill$365.7M+32.8%$275.4M0.0%$275.4M+5.8%$260.3M+1.2%$257.1M+109.5%$122.7MN/A
Total Liabilities$4.8B+150.5%$1.9B+16.8%$1.6B-2.8%$1.7B+66.2%$1.0B+151.8%$403.6MN/A
Current Liabilities$410.0M+63.5%$250.8M+66.5%$150.6M-5.6%$159.6M0.0%$159.6M+93.8%$82.4MN/A
Long-Term Debt$3.7B+140.9%$1.5B+14.8%$1.3B+9.0%$1.2BN/A$253.5MN/A
Total Equity$21.3M-89.5%$202.7M-58.2%$484.3M-12.2%$551.6M-62.3%$1.5B+50.3%$973.1M+27.0%$766.0M
Retained Earnings-$513.0M-26.4%-$405.8M-122.8%-$182.2M-199.4%-$60.8M$0N/AN/A

Not reported in any period shown, so not listed: Inventory.

FIP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FIP annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19
Operating Cash Flow-$57.5M-$118.0M-672.4%-$15.3M-377.1%$5.5M+112.9%-$42.7M+30.8%-$61.7M-31.7%-$46.9M+11.0%-$52.7M
Capital Expenditures$261.2M$280.5M+252.7%$79.5M-19.7%$99.0M-54.4%$217.1M+54.1%$140.9M-43.1%$247.5M-23.4%$323.0M
Free Cash Flow-$318.7M-$398.5M-320.3%-$94.8M-1.4%-$93.5M+64.0%-$259.8M-28.2%-$202.6M+31.2%-$294.4M+21.6%-$375.7M
Investing Cash Flow-$1.4B-$1.1B-867.2%-$118.1M+19.7%-$147.1M+45.0%-$267.3M+67.7%-$828.7M-228.6%-$252.2M+2.5%-$258.6M
Financing Cash Flow$1.2B$1.4B+644.9%$193.2M+143.2%$79.4M-49.6%$157.7M-86.1%$1.1B+236.7%$337.6M+15.0%$293.6M
Dividends Paid$14.0M$13.8M+5.4%$13.1M+6.1%$12.4M+301.4%$3.1M$0$0N/A

Not reported in any period shown, so not listed: Share Buybacks.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

FIP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FIP annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19
Net Margin-30.3%+50.0pp-80.3%-30.4pp-49.9%+21.7pp-71.6%+16.9pp-88.5%-104.6%-4.9%
Return on Equity-713.1%-581.8pp-131.3%-98.3pp-33.0%+1.0pp-34.0%-26.7pp-7.3%+0.1pp-7.4%-5.9pp-1.5%
Return on Assets-2.6%+8.6pp-11.2%-4.5pp-6.7%+0.9pp-7.6%-3.3pp-4.3%+0.8pp-5.1%N/A
Current Ratio1.18+0.3x0.88-0.4x1.23-0.5x1.740.0x1.74+0.7x1.03N/A
Debt-to-Equity173.92+166.3x7.60+4.8x2.77+0.5x2.23+1.5x0.70+0.4x0.26N/A
FCF Margin-79.3%-50.7pp-28.6%+0.6pp-29.2%+70.0pp-99.2%-168.5%-429.4%-163.7%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.

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Frequently Asked Questions

What is FTAI INFRASTRUCTURE INC's annual revenue?

FTAI INFRASTRUCTURE INC (FIP) reported $502.5M in total revenue for fiscal year 2025. This represents a 51.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is FTAI INFRASTRUCTURE INC's revenue growing?

FTAI INFRASTRUCTURE INC (FIP) revenue grew by 51.6% year-over-year, from $331.5M to $502.5M in fiscal year 2025.

Is FTAI INFRASTRUCTURE INC profitable?

No, FTAI INFRASTRUCTURE INC (FIP) reported a net income of -$152.1M in fiscal year 2025, with a net profit margin of -30.3%.

FTAI INFRASTRUCTURE INC (FIP) reported diluted earnings per share of -$2.26 for fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, FTAI INFRASTRUCTURE INC (FIP) had $57.4M in cash and equivalents against $3.7B in long-term debt.

FTAI INFRASTRUCTURE INC (FIP) had a net profit margin of -30.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

FTAI INFRASTRUCTURE INC (FIP) has a return on equity of -713.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

FTAI INFRASTRUCTURE INC (FIP) recorded an outflow of $398.5M in free cash flow during fiscal year 2025. This represents a -320.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

FTAI INFRASTRUCTURE INC (FIP) recorded an outflow of $118.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

FTAI INFRASTRUCTURE INC (FIP) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

FTAI INFRASTRUCTURE INC (FIP) invested $280.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

FTAI INFRASTRUCTURE INC (FIP) had 116M shares outstanding as of fiscal year 2025.

FTAI INFRASTRUCTURE INC (FIP) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

FTAI INFRASTRUCTURE INC (FIP) had a debt-to-equity ratio of 173.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

FTAI INFRASTRUCTURE INC (FIP) had a return on assets of -2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, FTAI INFRASTRUCTURE INC (FIP) had $57.4M in cash against an annual operating cash burn of $118.0M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

FTAI INFRASTRUCTURE INC (FIP) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

FTAI INFRASTRUCTURE INC (FIP) reported a net loss of $152.1M while operations used $118.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

FTAI INFRASTRUCTURE INC (FIP) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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